Ripple price broke the key $0.3950 and $0.4000 resistance levels to move into a positive zone. XRP could consolidate in the short term before a strong rise above $0.4250 and $0.4320.
- The price traded as high as $0.4296 and recently corrected below the $0.4160 support.
- XRP traded below an ascending channel with support near $0.4140 on the 30-minute chart.
- Ripple price is currently holding an important support near the $0.3940 level.
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Ripple Price Analysis (XRP to USD)
In the past three sessions, there was a decent rebound in ripple started from the $0.3699 swing low. XRP/USD traded higher and surpassed a few important resistances near the $0.3950 and $0.4000 levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even broke $0.4250 and traded as high as $0.4296. Recently, it faced renewed selling interest, resulting in a downside break below the $0.4160 support level.
The price broke the $0.4100 support and the 23.6% Fib retracement level of the recent wave from the $0.3699 low to $0.4296 high. Besides, the price traded below an ascending channel with support near $0.4140 on the same chart.
More importantly, the price settled below the $0.4100 level and the 25 simple moving average (30-minute chart). However, the decline was protected by an important support area near the $0.2950 and $0.2940 levels.
Ripple even tested the 50% Fib retracement level of the recent wave from the $0.3699 low to $0.4296 high, and it is currently consolidating in a range. On the upside, an immediate resistance is near $0.4100 and the 25 simple moving average (30-minute chart).
If there is a successful close above $0.4100 and the 25 SMA, the price is likely to retest $0.4280 or $0.4295. Any further gains could start a strong upward move above $0.4300 and $0.4320 in the near term.
Conversely, if ripple price fails to stay above the key $0.3950 and $0.3940 support levels, there could be additional downsides. The next major support for XRP is near $0.3640, where the bulls might protect further losses.
The market data is provided by TradingView, Bitfinex.
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